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Sponsored by
TECHNOLOGY-ENABLED
MANAGED SERVICES: A CATALYST
FOR TRANSFORMATION IN FINANCE

© 2022 IOFM, Diversified Communications. No part of this publication may be
reproduced, stored in a retrieval system or transmitted by any means,
electronic or mechanical, without prior written permission of the Institute of
Finance & Management.
2
TECHNOLOGY-ENABLED MANAGED SERVICES:
A CATALYST FOR TRANSFORMATION IN FINANCE
It may be tempting for finance leaders to imagine that
automation or simply investing in technology will solve all
their challenges.
But reality often shows otherwise.
While there are proven and compelling benefits to
automating finance functions such as implementing
procure-to-pay, invoicing, and payments solutions, there
is no assurance that finance departments will achieve the
full benefits of digital transformation, especially when they
take a ‘technology only’ or Do It Yourself (DIY) approach
to automation – where in-house staff are responsible for
managing the technology after the initial go-live shakedown
period – or rely on traditional IT outsourcers with outdated
shared services models.
Technology only or DIY automation projects carry a high risk
of failure, require in-house staff to have the skills to learn the
intricacies of new technologies, and demand a dedicated,
experienced project manager to drive user adoption. And
traditional IT outsourcing was not designed for continuous
process improvement.
As businesses accelerate their digital transformation
initiatives, many finance departments are looking for a
provider that offers a more holistic and outcome-based
approach to automation. Technology-enabled managed
services combine high levels of operational integration with
the specialized skills, processes, and technology of an
external service provider.
Technology-enabled managed services take digital
transformation to the next frontier. These outcome-focused
technology implementations automate key business
processes that are integral to a finance department and
promise accelerated time to value.
It is for this reason that this approach to automation is only
expected to increase in the future.
1 Institute of Finance and Management (IOFM) virtual town hall meeting, 2020
This white paper shows how managed services can be a
catalyst for transformation in finance.
The Need for Automation is Clear
Most finance departments are bogged down with manual,
paper-intensive processes.
Consider the time and effort involved in issuing purchase
orders (POs), recording the receipt of goods, matching an
invoice with a PO and goods receipt, and initiating payment
to a supplier.
The process at most organizations involves too much
manual interaction, takes too long, creates too many errors,
provides inadequate visibility, and frustrates suppliers and
stakeholders.
It’s no surprise that more finance departments are looking to
improve and optimize via automation.
Seventy-one percent of AP leaders say they have plans to
automate.1 Forty-four percent of AP leaders who describe
their department as being “largely automated” plan to deploy
more technology.
The shift to remote working has made digital transformation
a top priority of businesses of all sizes.
Adapting manual, paper-based processes to a remote work
environment is hard, if not impossible.
By eliminating manual, paper-based processes AP
departments can reduce the cost to process an invoice by
up to 80 percent, and speed invoice approval times by more
than 70 percent. When an AP department has a solution
for automatically matching invoices with POs and goods
receipts (so-called two-way and three-way matching), it’s
not uncommon for the department to post most of the
invoices that it receives from suppliers directly to an ERP
or accounting system without any need for human operator
intervention.
Few finance departments still question the need for digital
transformation.
Businesses cannot be encumbered by legacy
processes in today’s global economy.





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